Saturday, June 11, 2011

Thank you for helping to fight the pillaging of the real economy by Wall Street. But, Will Washington Listen?

Kevin,

Thank you for helping to fight the pillaging of the real economy by Wall Street.

You and thousands like you have spoken volumes to the federal regulators about how the economic crisis is affecting people across the country and how Wall Street pay practices must be changed to prevent the catastrophe from being repeated.

A staggering 8,344 of you took the important step of sending your comments to the federal financial regulatory agencies. That’s a record for comments on a rule mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Will your comments matter? We believe they will.

We’ve spoken to some of the federal officials charged with reading each one. As they enter meetings with their superiors and engage in discussions with their counterparts, they’ll be equipped with your individual stories and the collective weight of your comments to argue that pay structure must be reconstructed so that it doesn’t cause more mayhem.

You deserve applause, and, of course, a break; a cold beverage, perhaps (it’s 95 degrees today in Washington, D.C.). Of course, the financial industry isn’t resting. Wall Street and its allies spend $1.4 million a day and have about 3,000 lobbyists working for them.

Some of these Wall Street lobbyists are engaged in the intense and ongoing battle concerning the nomination of Harvard professor Elizabeth Warren to head the Consumer Financial Protection Bureau. That’s the new agency created by the Wall Street reform bill that’s aimed at combating unfair, deceptive and abusive practices by lenders. These are the liar loans, the fraudulent mortgages, the “muggers who hide in the fine print” of checking account contracts.

Bankers and pro-bank lawmakers are attempting to pillory Elizabeth Warren.

Two weeks ago, a House Oversight subcommittee chairman — whose top campaign contributor just happens to be Wells Fargo — baselessly accused her of lying. Twice.

So, enjoy that cold beverage. And if you have not yet done so, I urge you to sign our petition supporting Elizabeth Warren to head the Consumer Financial Protection Bureau.